Zeta, a Mumbai-based payments technology company is looking forward to associating with the banks to boost the operations swiftly, as the further rounds of fintech is anticipated through collaboration between technology startups and banks.
Zeta is expecting around 50 times magnification in transactions volume through this platform and has collaborated with Kotak Mahindra Bank to widen its corporate payment solutions to companies who have opened their salary accounts with the bank.
"In collaboration with Kotak Mahindra Bank, we are offering 10 digital tax benefit solutions to their customers who have salary accounts and through this partnership we have the scope to reach out to more than 10 million employees," said Bhavin Turakhia, chief executive officer of Zeta.
Kotak Mahindra Bank has close to 20,000 corporates and handles around 2.4 million salary accounts.
Now, two cards will be provided by the bank, one debit card for the salary account and another Zeta-Kotak co-branded card which can be utilized for all employee benefit payments like medical expenses, petrol, meals among others. All the expenses incurred in this account will be tabulated by Zeta and digitally checked. This process reduces hassles and paperwork by integrating seamlessly with the corporate’s back-end.
Zeta currently has around 1,500 corporates who use their digital payment solutions for their employees and manage 3 million transactions per month through their platform.
Through this platform, Zeta is managing 3 million transactions every month and currently has around 1,500 corporates who use digital payment solutions.